There is, however, another and more disturbing parallel between 2008 and 1932 — namely, the emergence of a power vacuum at the height of the crisis. The interregnum of 1932-1933, the long stretch between the election and the actual transfer of power, was disastrous for the U.S. economy, at least in part because the outgoing administration had no credibility, the incoming administration had no authority and the ideological chasm between the two sides was too great to allow concerted action. And the same thing is happening now ...After noting that "a lot" can go wrong in the two months before President-elect Obama takes the oath of office Krugman tells us,
... nothing is happening on the policy front that is remotely commensurate with the scale of the economic crisis. And it’s scary to think how much more can go wrong before Inauguration Day.It might be unprecedented, but since they've run our country like a second-rate monarchical dictatorship perhaps President Bush and Cheney could do us all a favor and abdicate.
Seriously, just leave.
- Mark
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